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Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units Into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-In-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (I.e., conversion) costs are added uniformly throughout the process.

Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units Into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-In-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (I.e., conversion) costs are added uniformly throughout the process.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2 Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (1.e., conversion) costs are added uniformly throughout the process. 8. points Following is a summary of production costs incurred during October: еВook Direct Conversion Costs $ 3,125 6,000 $ 9,125 Materials Hint Beginning work-in-process Costs added in October $8,700 Total costs $8,700 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a production cost report for October using the weighted-average method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department Weighted-Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Direct Completion Percentage Physical Units Conversion Materials Input Beginning work-in-process inventory 300 Direct materials 0 % Conversion 50 % Started this period 800 Total to account for 1,100 loutnut
Transcribed Image Text:2 Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method Smith Electronic Company's chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (1.e., conversion) costs are added uniformly throughout the process. 8. points Following is a summary of production costs incurred during October: еВook Direct Conversion Costs $ 3,125 6,000 $ 9,125 Materials Hint Beginning work-in-process Costs added in October $8,700 Total costs $8,700 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a production cost report for October using the weighted-average method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department Weighted-Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Direct Completion Percentage Physical Units Conversion Materials Input Beginning work-in-process inventory 300 Direct materials 0 % Conversion 50 % Started this period 800 Total to account for 1,100 loutnut
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